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Aug 14, 2012, 11.53 AM IST
Angel Commodities has come out with its report on metals and energy. According to the research firm, crude oil prices are expected to trade on a sideways note on the back of renewed tensions in the Middle East and expected decline in the US crude oil API inventories.
Angel Commodities has come out with its report on metals and energy. According to the research firm, crude oil prices are expected to trade on a sideways note on the back of renewed tensions in the Middle East and expected decline in the US crude oil API inventories.
Crude Oil: Nymex crude oil prices declined around 0.2 percent yesterday taking cues from weak global market sentiments along with slow economic growth in Japan. However, sharp downside in the prices was cushioned on the back of weakness in the DX. Crude oil prices touched an intra-day low of $92.05/bbl and closed at $92.70/bbl in yesterday’s trading session. On the domestic bourses, prices increased by 1.2 percent on account of depreciation in the Indian Rupee and closed at Rs.5,165/bbl after touching an intra-day high of Rs.5205/bbl on Monday. API Inventories Forecast: The American Petroleum Institute (API) is scheduled to release its weekly inventories today and US crude oil inventories are expected to decline by 1.6 million barrels for the week ending on 10th August 2012. Gasoline stocks are expected to fall by 1.5 million barrels and distillate inventories are expected to rise by 0.2 million barrels for the same week. News: Israel’s Home Front Command is planning for a nationwide strike against Iran in an effort to halt the nation’s nuclear program. The US Navy guided missile destroyers collided with an oil tanker near the Strait of Hormuz yesterday. Iran has threatened to close the strait which supplies 20 percent of world’s traded crude oil. Outlook: In today’s session we expect crude oil prices to trade on a sideways note on the back of renewed tensions in the Middle East and expected decline in the US crude oil API inventories. On the other hand weak economic data from the Europe may exert downside pressure on the prices. In the domestic markets crude oil prices are likely to trade with sideways on account of depreciation in the Indian rupee and mixed equity markets. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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